What is Bitgesell and how does it work in the cryptocurrency market?

3 answers

• Turner FaulknerMay 03, 2021 · 4 years ago
  Bitgesell is a decentralized digital currency that aims to provide a more sustainable and secure alternative to Bitcoin. It operates on its own blockchain and utilizes a unique Proof-of-Stake-Time consensus algorithm. Unlike Bitcoin, Bitgesell has a limited supply of coins, which helps to maintain scarcity and potentially increase its value over time. Users can participate in the network by staking their coins and earning rewards for validating transactions. Bitgesell also incorporates a deflationary mechanism, where a portion of transaction fees is burned, reducing the overall supply of coins. This ensures that Bitgesell becomes scarcer over time, potentially leading to price appreciation. Overall, Bitgesell aims to be a sustainable and efficient digital currency in the cryptocurrency market.
  804

  402
• Ben MarsdenAug 22, 2024 · a year ago
  Bitgesell is a relatively new digital currency that operates on its own blockchain. It aims to address some of the scalability and environmental concerns associated with Bitcoin. Bitgesell uses a Proof-of-Stake-Time consensus algorithm, which means that users can validate transactions and earn rewards by holding their coins for a certain period of time. This incentivizes users to keep their coins in their wallets and participate in the network's security. Additionally, Bitgesell has a limited supply of coins, which helps to maintain scarcity and potentially increase its value over time. Overall, Bitgesell aims to provide a more sustainable and efficient alternative to Bitcoin in the cryptocurrency market.
  714

  238
• Marek UmińskiJan 24, 2021 · 5 years ago
  Bitgesell, also known as BGL, is a decentralized digital currency that operates on its own blockchain. It was launched in 2020 and has gained some attention in the cryptocurrency market. Bitgesell aims to provide a more sustainable and secure alternative to Bitcoin by implementing a unique consensus algorithm called Proof-of-Stake-Time. This algorithm rewards users who hold their coins for a certain period of time and participate in the network's security. Bitgesell also incorporates a deflationary mechanism, where a portion of transaction fees is burned, reducing the overall supply of coins. This deflationary feature is designed to increase scarcity and potentially drive up the value of Bitgesell over time. Overall, Bitgesell aims to be a competitive player in the cryptocurrency market by offering a more sustainable and efficient digital currency option.
  867

  217